Michigan § 322.3 Terms of sale; credit; limitation; security.

Michigan Statutes

§ 322.3 — Terms of sale; credit; limitation; security.

Michigan § 322.3

Ch. 322STATE LANDS

Act 230 of 1941SALE OR LEASE OF REAL ESTATE ACQUIRED BY STATE (322.1-322.5)

This text of Michigan § 322.3 (Terms of sale; credit; limitation; security.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 322.3 (2026).

Text

SALE OR LEASE OF REAL ESTATE ACQUIRED BY STATE (EXCERPT) Act 230 of 1941 322.3 Terms of sale; credit; limitation; security. Sec.

3.Upon sale of real estate under this act, the state treasurer may give such length of credit, not to exceed 5 years, and for not more than 3/4 of the purchase money, as the state treasurer considers best calculated to produce the highest price, and shall require the money for which credit is given to be secured by a mortgage on the real estate sold.

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SALE OR LEASE OF REAL ESTATE ACQUIRED BY STATE (EXCERPT) Act 230 of 1941 322.3 Terms of sale; credit; limitation; security. Sec. 3. Upon sale of real estate under this act, the state treasurer may give such length of credit, not to exceed 5 years, and for not more than 3/4 of the purchase money, as the state treasurer considers best calculated to produce the highest price, and shall require the money for which credit is given to be secured by a mortgage on the real estate sold.